Real Estate Contracts
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| show | A settlement agreement between the parties, often in the form of some compromise, that annuls and discharges the original agreement.
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| Assignment | show 🗑
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| show | A contract based on mutual exchange of promises or acts between the parties at the time the contract is signed.
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| Breach of contract | show 🗑
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| Consideration | show 🗑
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| show | Legally competent to contract. Barriers: underage (minor), mentally incompetent, intoxication or altered consciousness at time of signing.
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| show | A rejection of an offer coupled with a new offer.
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| Damages | show 🗑
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| show | Fear or threat. A contract signed under duress renders it voidable.
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| Earnest money | show 🗑
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| show | A contract that has been fully performed by the parties.
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| show | A pending contract. Contracts are generally considered "executory until closing".
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| Express contracts | show 🗑
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| show | All terms of a contract have been fully performed by all parties.
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| Illusory offer | show 🗑
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| show | Contract implied from the conduct and actions of the parties.
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| show | Contract for deed: A contract of sale and a financing instrument wherein the seller agrees to convey title when buyer completes the purchase price installment payments. Synonyms: installment land contract, conditional sales contract.
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| show | All parties in a valid contract agree to the terms and conditions in the contract.
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| Negligent misrepresentation | show 🗑
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| show | The substitution of a new contract for a prior contract.
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| show | The party to whom an offer is made.
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| show | The party making an offer.
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| show | Assumes the written words of a contract reflect the entire agreement. Oral statements which do not agree with the written words are to be disregarded.
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| show | Ready to buy, willing to buy, and financially able to pay the asking price.
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| Unilateral contract | show 🗑
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| Valid contract | show 🗑
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| Void contract | show 🗑
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| show | Results from failure to meet some legal requirement in negotiating the agreement.
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| show | Mutual assent; offer and acceptance; consideration; contractual capacity; and lawful objective.
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| Reality of consent | show 🗑
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| A seller has given a prospective buyer the option to purchase his property for $150,000 within the next six months. Is this a bilateral or unilateral contract? | show 🗑
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| The objective to in drawing up a contract is to create an agreement that is ______________ and enforceable. | show 🗑
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| show | True. An offer becomes a contract when it is accepted.
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| Unless there are _____________ promises in a contact, it is not valid. | show 🗑
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| show | Requires that certain types of contracts be in writing to be valid.
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| DREAMOILS | show 🗑
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| The usual manner of terminating contracts is by | show 🗑
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| Impossibility of performance | show 🗑
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| Operation of law | show 🗑
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| show | assignable
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| show | Ambiguity
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| show | Money damages; specific performance; rescission
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